According to the report from the People's Bank of China (PBoC), in November, Chinese banks provided new loans in yuan in the amount of 1.090 trillion yuan. Thus, credit growth accelerated sharply compared to October (738.4 billion yuan), as the central bank keeps policy accommodative to support the economy. However, economists had expected lending to grow by 1.3 trillion yuan.
Meanwhile, total social financing grew by 2.450 trillion yuan compared to an increase of 1.850 trillion yuan in October. Consensus estimates suggested an increase by 2.60 trillion yuan.
The PBoC said that in November, M2, the widest measure of money supply, rose by 10.0% per annum, slowing compared to October (+10.3%), and falling below economists' forecasts (+10.1%). Outstanding loans in yuan increased by 10.8% per annum (the weakest growth since the beginning of the year) after an increase of 10.9% in October. Consensus estimates suggested an increase by 11.0% per annum.